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Earn a highly-competitive interest rate of up to 1.8% p.a. on your hard-earned savings.
This online savings account offers a competitive rate of bonus interest each month you meet the account conditions. To be eligible for the bonus interest rate all you need to do is link your ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month. These purchases must be processed within the month (they can't be pending). There's no monthly deposit conditions to meet.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
Expert Review
Review by
Alison Banney
This savings account makes it really easy to earn the bonus interest. You’ll get the 1.8% bonus rate when you link the account to a ME Everyday Transaction account and make four tap & go purchases a month with your ME debit mastercard.
While this rate is quite competitive, you can get a higher rate if you opt for a different account. However you'll likely need to commit to a monthly deposit requirement and might also be restricted from making withdrawals, so keep this in mind when comparing your options.
These four purchases can be of any value, so it could be as easy as buying four coffees in the month. These purchases must be settled not pending by the last day of the month, so make sure you’ve made these purchases with a few days to spare in the month. Just make sure you’re not making unnecessary purchases for the sake of meeting the bonus interest.
Expert review
This savings account makes it really easy to earn the bonus interest. You’ll get the 1.8% bonus rate when you link the account to a ME Everyday Transaction account and make four tap & go purchases a month with your ME debit mastercard.
While this rate is quite competitive, you can get a higher rate if you opt for a different account. However you'll likely need to commit to a monthly deposit requirement and might also be restricted from making withdrawals, so keep this in mind when comparing your options.
These four purchases can be of any value, so it could be as easy as buying four coffees in the month. These purchases must be settled not pending by the last day of the month, so make sure you’ve made these purchases with a few days to spare in the month. Just make sure you’re not making unnecessary purchases for the sake of meeting the bonus interest.
Key features
Ongoing, variable interest rate of 1.8% p.a. when you link with a ME Everyday account and have at least four tap & go purchases processed per month.
The bonus interest is payable up to amounts of $250,000 in your ME Online Savings Account. To be eligible for the bonus interest rate you need to link your ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month. These purchases must be settled within the month, and cannot be pending.
NOTE: Purchases made in the month which aren't processed until the following month (for reasons beyond ME's control) are not eligible purchases for bonus interest.
Base interest rate of 0.1% p.a.
Regardless of your savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 0.1% p.a. applied to it monthly. This means you'll still earn interest even if you don't meet the purchase condition.
Open multiple ME Online Savings Accounts for different savings goals
You can open as many ME Online Savings Accounts as you'd like. You'll earn the bonus interest on all your Online Savings Accounts provided you meet the bonus rate conditions for each one. This means you'll need to link each ME Online Savings Account to a ME Everyday Transaction Account and make at least four purchases using tap & go with your Debit Mastercard each month from each linked transaction account.
How is my interest calculated?
Interest on your balance will be calculated each day and paid into your account once a month. The bonus interest is only payable up to amounts of $250,000.
What if I've opened the savings account mid-month? Do I still get the bonus interest?
If you make four purchases using tap & go with your Debit Mastercard by the end of the month, you'll still be eligible for the bonus interest that month. Remember, the purchases need to be settled and not pending.
Are contactless payments actually safe?
Yes, contactless payments are considered safe and the functionality is now rolled out on all newly issued cards. For every tap & go transaction you make, your debit card generates a unique code that prevents you from being charged twice.
If your card is lost or stolen and you report it right away, you are eligible for the Mastercard or Visa Zero Liability Guarantee which means you won't be held responsible for any unauthorised transactions.
What kind of things can I purchase with tap & go?
You can make contactless payments at most EFTPOS terminals, for example in cafes, restaurants, shops, petrol stations, grocery stores etc.
How long does the bonus rate last for?
The bonus rate is currently ongoing, so you'll earn the bonus interest every month assuming you meet the conditions.
$0 Account management fees
There are $0 monthly fees charged to your account with the ME online savings account. The linked ME Everyday Transaction also doesn't charge any ATM fees or monthly fees.
$0 Transaction fees
ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.
24/7 Online accessibility
Your account information is available around the clock, allowing you to transfer money whenever you have need to.
$0 Minimum deposit
You do not need to make an initial deposit to open your savings account and there are no monthly minimum deposit requirements.
Deposit transactions
Easily make deposits from your nominated account with online banking. You are also permitted to make deposits from other accounts that are not directly linked to your savings account.
Withdrawal transactions
You are allowed unlimited withdrawals with this account by transferring the money into the transaction account you have linked to it.
Is ME owned by one of the big four? How can it offer such good rates?
ME is not owned by any bank, instead it is 100% owned by industry super funds. Instead of returning its profits back to shareholders, profits go back to its members who are the account holders.
Does ME have any branches?
ME is an online bank and doesn't have any branches. If you'd like to make a cash deposit into your account, you can do so via your local Bank@Post outlet. If you would like to speak to a member of its customer service team, the service centre is open Mon - Fri 8am to 8pm and Saturday 9am to 5pm.
Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:
Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.
Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.
Account use. This savings account is intended for personal use only. If you are interested in a savings account for a business, company or trust, look into ME Bank's business products and services.
Documentation needed
Identifying documents. Identifying documents include your Australian driver's licence, passport, birth certificate or Medicare card. You will need information from at least two of these in order for ME to verify your identity electronically.
Nominated bank account. In order to be able to add to your savings account and make withdrawals, you will need to provide the account information for an everyday account.
Personal details. You will be asked to provide your full name, date of birth and physical address in order for your application to be processed.
What happens after I submit my application?
Once ME has verified your identity, they will open your savings account. Once open, you can begin making deposits or set up direct deposits to your savings account from another bank account.
Ask an expert
To ask a question simply log in via your email or Facebook or create an account.
You may transfer some funds from non-ME or non-ANZ bank accounts via their mobile app or a Direct Credit Request. If you need further assistance on this matter, please reach them out directly.
Yes, your total deposits in ME are protected up to a limit of $250,000. This protection is provided as part of the Financial Claims Scheme (FCS), which is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. Hope this helps.
If I open a second Everyday Transaction Account, can I get the bonus interest on a second Online Savings Account? Or is it limited to the first online savings account, regardless of how may Everyday Transaction Account there are?
Upon checking, you’re automatically eligible for bonus interest on your first online savings account unless it was opened before 10/08/15, in which case you’re only eligible upon request.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Part of the eligibility criteria in applying for an ME online savings account is to be an Australian citizen or permanent resident. You can also apply if you are a resident for tax purposes with an Australian residential address. Please refer to the list of the requirements above under the “How to Apply” tab to see other eligibility requirements.
I’m looking to switch banks, hoping to open an everyday transaction account with multiple linked online savings accounts. With ME will the 2.95% interest rate apply to any online savings account I open with them, or only the first account?
Thank you for visiting finder, we are a financial comparison website and general information service.
The ongoing, variable interest rate of 2.95% p.a. on your first ME Online Savings account when you link with a ME Everyday account and make a weekly tap & go purchase.
I have $2,000,000 want to put it into an accessible bank account to be able to buy 2 homes in the next year. Looking for 2.8% or higher for whole balance and for it not to be just the first 3 months , ING and Commonwealth cannot do it as they have this cut out of balances over 100,000 or so then it reverts to 1% and 1.35%
Thank you for visiting finder, we are a financial comparison website and general information service.
Should you wish to check on other options, you may go ahead and visit this page and see if there would be any that would meet your needs. You may click on more info or go to site to get additional details.
1. If I open up an account with ME, can I deposit funds from my other banks through online transactions directly? How long is process? Will there be any transaction fees incurred?
2. Is the online savings account linked to everyday account automatically if I open them up simultaneously?
3. Is it correct for me to assume that the transaction function of the everyday account is limited to transferring funds between accounts under ME?
4. Are students under temporary graduate visa 48 eligible to open up the account?
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
1. According to their website, you can make deposits whenever you like by transferring money from your nominated linked account using internet banking. You can also make deposits from an non-nominated account i.e. an account that is not currently linked to your Online Savings Account. You can open your account straight away online provided they can successfully ID you. ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.
2. It is not stated if it will be linked automatically, but you will have the option to link your Online Savings Account to any other bank account in the same name (where your account is held in joint names your nominated account must also be in the name of the joint account holders).
3. According to their FAQ’s, they only transfer money to and from Australian bank accounts.
4. You need to be an Australian citizen, permanent resident or resident for tax purposes with an Australian residential address.
Any day of the week is fine. You also need to link this account with ME Transaction Account within 14 days from account opening. If your linked account is a non-ME bank account, you will not be eligible for the bonus rate.
Yes, you can still make a purchase using ME Everyday Transaction Debit Mastercard. It’s up to you if you want to use the Tap & Go feature. Open a ME Online Savings Account as well as a ME Everyday Transaction Account.
Contactless payment EFTPOS machines are available at everyday retailers, such as Woolworths, Coles, Caltex Petrol, 7-Eleven, etc.
Hi there,
I was wondering where I can find information about the savings account with the 3.05% interest rate. I cant seem to find that information anywhere on your website.
Regards
Abhishek
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